Tax Day has come and gone, and you filed your taxes well before the tax deadline. But what happens if you realize you left something out? When should you amend your tax return?
First off, make sure you need to amend your tax return. If you’ve made minor math errors, the IRS states that they will be able to handle adjustments for minor math errors without requiring a 1040x amended tax return. However, if you need to report additional income (W2s, Unemployment, etc), change your filing status, claim missed tax credits and tax deductions, then you do need to amend your tax return if it hasn’t already been accepted by the IRS.
You’ll need to file 1040x Amended U.S. Individual Income Tax Return, print and sign it, and then mail it in since you can not e-file it. It takes about 8-12 weeks for the IRS to process it after they have received the amended tax return.
If you’re amending a tax return and are expecting a bigger tax refund, the IRS advises that you wait for the original tax refund check to come in before sending in your 1040x (you may cash the check you received). If you need help with amending your tax returns, TurboTax can guide you through the process.
But wait, don’t hit the amend button so fast! There is another situation where you do not have to file an amendment. Did you already e-file your tax return and just receive a K-1 or 1099? If you did, but your e-filed tax return was rejected by the IRS and not accepted due to a necessary correction, you don’t need to amend your tax return. All you need to do is add the previously missed forms, fix the reject error on your tax return and then it can be e-filed. And if you used TurboTax, TurboTax will guide you through correcting the reject status on your tax return. Lastly, remember when you amend your federal tax return you may need to amend your state tax return since some states follow Federal tax law.
Don’t worry about knowing these steps for amending your tax return. TurboTax will guide you through amending your tax return and if you used TurboTax Live to prepare your taxes, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your questions answered year-round at no additional charge.